Bermuda-based Trenwick Group reported a third quarter net loss of $96.1 million, and an overall loss for the first nine months of the year of $128 million, due in large part to Sept. 11 catastrophe losses in the period of $99 million.
The figures included the income (loss) from LaSalle Re and Trenwick’s Lloyd’s operations. Net premiums earned for the first nine months were $667.2 million, and the company expects to benefit from new market conditions.
President and CEO James F. Billet, Jr. said in a written statement that “While the insurance industry and Trenwick experienced the largest catastrophe in history this past quarter, our loss was within our planned expectations for an industry loss of this magnitude.”
Although the statement appears contradictory, it does express general industry feelings that despite the unprecedented nature of the Sept. 11 losses most companies will survive, and are reasonably positioned to profit from an expected surge in demand for coverage and steep increases in premiums.
Topics Profit Loss
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